Please do not provide answer in image format thank you ProForm acquired 70 percent of ClipRite on June 30, 2023, for $1,260,000 in cash. Based on ClipRite's acquisition-date fair value, anunrecorded intangible of $450,000 was recognized and is being amortized at the rate of $16,000 per year. No goodwill wasrecognized in the acquisition. The noncontrolling interest fair value was assessed at $540,000 at the acquisition date. The 2024financial statements are as follows:ItemsSalesCost of goods soldOperating expensesDividend incomeNet incomeRetained earnings, 1/1/24Net incomeDividends declaredRetained earnings, 12/31/24Cash and receivablesInventoryInvestment in ClipRiteFixed assetsAccumulated depreciationTotalsLiabilitiesCommon stockRetained earnings, 12/31/24TotalsParentheses indicate abalProForm$ (1,000,000)635,000300,000(35,000)$ (100,000)$ (2,900,000)(100,000)300,000SalesCost of goods soldOperating expensesDividend incomeNet income attributable to noncontrolling interestInventoryNoncontrolling interest in subsidiary, 12/31/24ClipRite$ (1,000,000)500,000200,0000$ (300,000)$ (1,050,000)(300,000)50,000$ (1,300,000)$ 500,000900,0000$ (2,700,000)$ 600,000490,0001,260,0001,900,000(300,000)$ 3,950,000$ (550,000)(700,000)(2,700,000)1,600,000(550,000)$2,450,000$ (450,000)(700,000)(1,300,000)$ (3,950,000) $ (2,450,000)ClipRite sold ProForm inventory costing $89,000 during the last six months of 2023 for $290,000. At year-end, 30 percent remained.ClipRite sold ProForm inventory costing $300,000 during 2024 for $450,000. At year-end, 10 percent is left.Answer is not complete.Required:With these facts, determine the consolidated balances for the following:Note: Input all amounts as positive values.ConsolidatedBalance1,550,000

The consolidated financial statement (CFS) is the financial statement prepared by the holding…

ProForm acquired 70 percent of ClipRite on June 30, 2023, for $1,260,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $450,000 was recognized and is being amortized at the rate of $16,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $540,000 at the acquisition date. The 2024 financial statements are as follows: Items Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net income Dividends declared. Retained earnings, 12/31/24 Cash and receivables Inventory Investment in ClipRite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/24 ProForm $ (1,000,000) 635,000 300,000 (35,000) $ (100,000) ClipRite $ (1,000,000) 500,000 200,000 0 $ (300,000) $ (2,900,000) $ (1,050,000) (100,000) 300,000 (300,000) 50,000 $ (2,700,000) $ (1,300,000) $ 500,000 900,000 $ 600,000 490,000 1,260,000 1,900,000 (300,000) $ 3,950,000 $ (550,000) (700,000) (2,700,000) +(2 050 000) 1,600,000 (550,000) $ 2,450,000 $ (450,000) (700,000) (1,300,000) +(3 450 000)